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Question - The partnership agreement of Gibs and Reed Landscaping provides an $18,000 salary allowance to Willis Gibs and a $24,000 salary allowance to George Reed. Both partners are given 10% interest on their capital balances at the beginning of the year. The beginning capital balance for Gibs was $41,700 and for Reed, $37,300. Any remaining income or loss is shared equally. Assume that the business had revenues of $130,000 and expenses of $74,000 resulting in net income of $56,000 during its first year of operations. Calculate the net income distributed to each partner, and then prepare the journal entries to reflect the distribution assuming that each partner withdrew their allowance amount only.
Torrid Romance Publishers has total receivables of $2,920, which represents 20 days sales. Find the firm ROA and asset turnover ratio
On February 1, 2011, Charo Mendez purchased 6% bonds issued by CR Utilities at a cost of $30,000, which is their par value. The bonds pay interest semiannually on July 31 and January 31. For 2011, prepare entries to record Mendez's July 31 receipt..
Determine the cash flows, the NPV, the IRR and the MIRR. Terminal value per acre $ 3000. Closing costs per acre $ 100.Price per acre $ 3400
Conglomco stock ended last year at $77.24. If you owned 200 shares of Conglomco stock, what were your dollar return and percent return last year?
stahl inc. produces three separate products from a common process costing 100000. each of the products can be sold at
S&J Iron issued 11,000 shares of the stock for $12 per share. Determine the amount S&J Iron would report for common stock on December 31, 2018, balance sheet
Examine and discuss the overall performance of Stockland Corporation Limited from 2013 to 2017 in terms of their: Capital structure and leverage measures.
June 1 HASF deposited $250,000 cash in a bank account in the name of the business, Friend With A Truck. Journalize the above transactions
Martin Associates paid $600 to install a GPS system in its van. Journalize the entries for the transmission and GPS system expenditures
Using the sum of the service years approach how much amortization of prior service cost should be included in pension expense for this year
Why would your client batch created and send invoices for unbilled activity instead of automatically invoicing for unbilled activity
Synergy Company plans to sell 625,000 units of Product A and 250,000 units of Product B in the coming year. What is the sales mix estimated for next year
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